Smart Logistics Global Ltd

SLGBdata completeness 88%1 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Smart Logistics Global Ltd earns about -9% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2025
Revenue	$89.9M¹
Net income	−$2.6M²
Operating cash flow	−$5.81M³
Capital expenditure	$42,646⁴
Free cash flow (derived)	−$5.86M³
Total debt	—
Cash & equivalents	$449,766⁵
Diluted shares	40.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$4.82

your share of equity

Profit it earned you last year

−$0.64

Free cash flow it threw off

−$1.45

Debt you’d be carrying

—

10 shares is a claim on $4.82 of net worth that earned you −$0.64 and generated −$1.45 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-9% avg · 1y

FY25 -9%

It earned an average -9% on invested capital over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 1 years of net income (need ≥3)

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2025-12-31 · accession 0001213900-26-050357 (RevenueFromContractWithCustomerIncludingAssessedTax)
20-F · period ending 2025-12-31 · accession 0001213900-26-050357 (NetIncomeLoss)
20-F · period ending 2025-12-31 · accession 0001213900-26-050357 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2025-12-31 · accession 0001213900-26-050357 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2025-12-31 · accession 0001213900-26-050357 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)